OpeOluwani Akintayo
Lagos — Sierra Leone has provisionally awarded nine oil blocks to Innoson Oil and Gas, a subsidary of the Nigeria -based IVM Innoson Group pupolarly known as Innoson Motors.
The oil block licensing comes as a fresh breakthrough for the country with a history of abandonment of its offshore wells by oil and gas firms.
In the country’s previous licensing round in 2012, offshore blocks were awarded to 11 companies, all of which either chose not to renew their initial licenses during a slump in oil prices or had their contracts terminated for failing to meet minimum activity requirements.
Five of Sierra Leone’s eight offshore wells made small-scale oil and gas discoveries before they were abandoned during 2015 and 2016.